946
COMMERCIAL.
The Kobe Prices Current and Market Report published by the Kobe Foreign Board of Trade, and dated Kobe, Hioge, October 31st, 1907, states:
IMPORTS.
Cotton.-American :-Quotations of "forward " Middling which ruled in the neighbourhood of Yen. 89 until about the middle of the month, have met with a heavy slump, being reported at Yen 84.50 at the close, although still lower rates are known to have been quoted. The present financial crisis in New York is doubtless the cause of this heavy decline. Low rates ruling have induced merchants to place large orders in the home market, and business to the extent of frou 50/60,000 bales is reported as having been done during the past few days. Owing to the present state of affairs there is nothing doing in "spot." Indian. Although prices have dropped in sympathy with America, home rates nevertheless are ruling comparatively high, owing to bad crop reports. Quotations at the close are fairly steady. Bengal, however, shows a decline of Yen 1.50 during the past fortnight, Yen 23.50 being now quoted. In view of the brisk trade which has been done in Chinese cotton latterly, as well as in American, "forward" transactions in Indian staples are altogther at a standstill. "Spot" remains quiet and dull. Best Broach closes at Yen 30, Akola Khamguam at Yen 22, and Bengal at Yen 21.00, Chinese." Forward" business has been done on a moderate scale, owing to further decline of silver, Favourable crop report have enabled prices to remain comparatively low as compared with Indian quotations. "Best" closes at Yea 28 to 28.25, and Common" at Yen 24. Some business has been done in "spot" at sanie rates. Shirtings. The spot market is dull, | but a slight decline in Manchester quotations has brought out buyers, a brisk business having been done in the interval amounting to about 3,000 bales, for arrival 1908. Cotton Goods aud Fancies.-Osaka Market continues quite, with a fair enquiry for arrival next year, but as prices obtainable are far from being satisfactory, transactions are very limited. Worsteds and Woollens. Very little change to report, a few small forward contracts in Heavy Woollens have been placed at meagre rates. Asde of a few hundred cases Mouseline de laine has been record ed. Metals. - A few contracts are reported forward delivery. The spot market shows no improvement. Sugar.-Beet.-Market weik. Nothing doing. Cane.-Raw.—The market remains unchanged. Muscovados Basis Polari. sation 96 per cent. Colour 12 average is quoted at Yon 5.80 to Yea 5.85 per picul c.f.i. Osaki Refined. At the auction of the Osaka Refinery's Sugars held on the 23rd instant, 6,80 bags were offered of which 6,300 bags were disposed of at unchanged prices and 500 bags withhawn Rige.-Market, with heavy arrivals especially of Saigon, weak and declining.
EXPORTS.
44
THE HONGKONG WEEKLY PRESS AND
RICE.
gon, November 15th, has the following:
Messra. W. G. Hale & Co.'s circular, dated Sai- last circular was issued on the 18th nltimo and Our
the latest postal advices received since are as follows:-Hongkong 12th instant; Yokohama lat instant; Manila 8th instant; Java 8th instant; | Singapore 11th instant; and London 4th ultimo, We quote for November/December delivery :- No 2 White sifted (trié) steam milled
(round)
No. 2 White unsifted (ordinaire) steam
milled (round)
10
5% Cargo steam milled (round)
Cargo steam milled (round) ... 20% Cargo steam milled (round)
$3.80 $3.32
33.22
$3.15
* Prices according to terms and conditions,
PIECE GOODS.
Messrs. Noel, Murray & Co.'s Report on the Shanghai Piece (roods Trade, dated Shanghai, 14th November, 1907, states:-Those who were accusing as a short time ago of taking a very psimistic view of the market here are now inclined to withdraw their strictures and quite agree that the trade has never been in a worse state than it is at present. It is assailed.on all sides, the wretched condition of the consuming left of native bankers and erstwhile reputable markets being accentuated by failures right and traders, while the commercial panic in United States is having a very sinister effect on business even at this distance. It is useless reiterating and dwelling on the decline in silver, and con- sequently of sterling exchange, owing to the drain of gold from the European markets, and if American investors wish to convert only a title of their greatly inflated paper securities into bullion that drain must continue. Already the effect on the trade of foreign countries with this is enormous, practically putting a stop to all transactions. The rise in the bank rate of iut rest in London to 8 per cent. and likely to go higher, enhances the cost of all future shipments. though the deterrent effect it will haveo n such new business should prove to be an unmixed blessing, and to some extent help protect the goods in stock here from competition with fresh supplies. Still that does not assist importers, who have to ment current expenses which are growing more and more heavy and nothing coming in to offset them. The position of the Manchester market is certainly easier especially so for later shipment. The stringency of the finanial situation counteracts the lower prices, however, and manufacturers are rather chary about making contracts too far ahead. The feeling is that there will be little if any fresh business with that market before January. Mid-merican Cotton considerable Âuctuation, closing on the 12th inst., on the Liverpool market has been subject to
at 5.95d. for spot, and 5.70d, for futures yesterday's spot quotation, however, coming an- other nine points down, 5.86d. The margin, between "spot" and "futures" is greatly reduced showing the quality of the crop is much more uniform. The quotation for Mil-American in New York is 10 cents for January and 10.13 cents for March option. Some decline is noticable in
Piece (ods, but the prices quoted are fully 10 per cent, over the nominal values on this market. A fair business has been done in Indian Yarns, Tientsin being the chief outlet, and more is wanted at the same prie, but sellers are asking
Tea. Season closed. Settelements amount to picals 66,000 against piculs 60,900 to correspond. ing date last year. Copper.-Local qu tations more or less nominal. Fish Oil-Market unchanged. Rice.-The new crop can now be considered as secured, Government estimates state the result to be 13 per cent, above an ordinary average harvest. Cotton Yarn.-Business very dull, the fall in the price of silver having affected the market adveraly Vegetable Wax.-Unchang ed. Matting.-Owing to the advanced state of
an advance. The further decline in exchange has the market it has become a question whether
not helped to advance prices but rather the certain Carpet Patterns of 180 c.w. Mattings
reverse. Bombay is reported as weak with no- can be safely exported at the low duty limit in
thing doing, quitations being 4-to 5 rupees down, the U.S. of Yen 7.70 per roll first cost, and in consequence several exporters have been compell any influence on the market.
the prospect of a short cotton crop not exerting As regards Japanese ed to suspend operations. In spite of this the market has been well maintained and holders of
yarns importers are not sali-fied with prices and have made an arrangement amongst themselves stocks have been realising at full prices. All other grades are keenly sought after and quot-penalty. Quotations on the Osaka exchange are not to sell below a certain scale under a heavy ations continue firm. Straw Braid.—The dewand lower. As regards the actual business done dur- continued strong throughout the past for niosting the interval it is practically uil. Silver Sycee descriptions, and further advances have been recorded, the market closing firm with upward tendency. Chip Braid.- Practically no change to report. There has been more enquiry, however, during the period under review, but the high prices ruling on this side still continue to interfere with business.
SILK
From Mr. F. C. Heffer's Weekly Report dated Shanghai, November 13, 1907 :-Telegrams report quiet markets at Home and quote Gold Kiling in London at 13/3, Raw Silk.-During the past fortnight there has been no business reported in White Silk. Steam Filatures.-Nothing doi: g. Hand Filatures-Nothing doing. Yellow Silks,— A small business has been done in Mienyangs.
8.4-lbs. Grey Shirtings have been sold from first
November 25, 1907]
our market for these spinnings has been entirely dormant, the transactions reported during the interval amounting 3,039 bales. Tientsin buyers be the bulk of the purchases of No, 108, Tsingtau have been the chief operators and to them must
assisting to a small extent. Prices have remained fairly steady, but that is not very satisfactory considering the serious decline in the Rupee rate of exchange. The River merchants have bought the 12 and 20 showing a lower tendency. The news from Szechuen is not at all encouraging considering that market is practically shut off from supplies owing to the height of water in the Yangtze, and strong current preventing goods going up.
From Messrs. Ilbert & Co's Weekly Report, dated Shanghai, November 14, 1907: The further decline in exchange has stifled inquiry during the interval, but clearances from stock mostly for Yangtze outlets has been of a steady character. Business with Newohwang, which a few days ago showed signs of a much improved demand about to set in before the closing of that port for the winter, is now in a state of chaos owing to the failure of a large native bill- discounting hong which has involved several Newchwang produce dealers is enormous loasos and in consequence a considerable amount of cargo which had been bought from native holders
hands. here, has been thrown back upon the sellers' The result of this failure would havO been very much more widespread had it occurred a few days sooner, but fortunately the usual expiry day for native six months' ore-lits was pass- ed without untoward incident, and Hankow dealers were able to find further accommodation from their banks to the extent of about eighteen laca, which has rendered money fairly easy as regards the Yangtze trade. Some tentative inquiry for American Goods from Tientsin native-buying houses here is the first spark of life that market has shown for a very long period, and it is to be hoped that it is indicative of ebbing stocks in so far as those held by Chinese are concerned. regards home prices, the high rate of interest now ruling and the low exchange put replacing values for 2.85 yards Sheetings at about Tls. 5.35 per piece and 3 yards at Tla. 4.65 against current re-sales which are taking place at about a tael a piece inside these values. Manchester prices are on the easy side and some fairly near deliveries are still procurable, but there is a very wide margin between current values here and those required by present sterling costs based on exchange as it now is,
hands at Tis. 2.57) and is absolutely all that is reported, that price being about two mace under present replacing cost. The auctions continue to uneet with fairly good support, prices on the whole for both Grey and White fabrics being fairly satisfactory. Turkey Reds went at lower prices in the majority of cases and Fast Black Cotton Italians were weaker on the average. In Woollens there is considerable irregularity noticeable, Camlets being up two mace in some chops while others are down as much; Long Ells in the same way, but in a lesser degree, while Lastings show but little change. Spanish Stripes are firm and are the only things that show any consistency. Cotton Yarn.-Indian-In spite of the general depression now prevailing over trade generally
SHARE Reports,
As
Messrs. J. P. Bisset & Co.'s Share Report for the week ending 14th November, 1907, states :--- Business was resumed in earnest on Monday, the fairly general character during the week. The 12th, after the race holidays, and has been of a
tendency on the whole has been somewhat weaker in anticipation of financial facilities for the end of Hongkong and Shanghai Banks. The old abares the year being somewhat restricted. Banks.-
have been dealt in at £675, but at this prica some shares were on offer. The new shares we quote at $665 also with sellers. The T. T. on London to- day is 2/81. Marine and Fire Insurance. - North
China Insurance Shares are wanted at Tls. 78, Yangtsze Insurance have sellers at $163. Shipping.-Thore is nothing reported under this heading. Docks and Wharves.-Shanghai Dock At last some trans- and Engineering Co. Ltd. actions have taken place in this stock. On the 12th a fair number of shares were placed at Tis. 75 December, but the market closed weak, and
T18. 74 and Tls. 73 have been done since, and at this latter figure the market closed weak. Shanghai and Hongkow Wharves have had a considerable decline. Our market opened with sellers at Tls. 210 for December but has subsided gradually to Tls. 202). A sale for November is reported at Tla. 2014. For March shares have changed hands at Tls. 210. Sugar Coa.-No business reported. Mining.-No business re- ported. Lands.-Shanghai Landa have been
dealt in at Tls. 100) and Tls. 101, Industrial.- Ewo Cottons we quote at Tia, 53 nominal and Tls. 54 December sellers. Internationals. There are T. 80. Soy Chees remain at Tls. 280 nominal. buyers at Tls. 60. Laou Kung Mows are on offer Shanghai Gas Shares have been placed at Tis.
107 and there are further small sellers. China Flour Mills are in god demand at Tla, 53. Maatschappij, &c., in Langkat. Our market has had the usual fluctuations during the week, which it is almost impossible to follow or to record correctly. The market opened with sales at Tla. 835 for December and quickly receded Tis, 380, Tls, 327), Tls. 325 and Tis, 322).
to Tls, 327).
For cash shares were on offer st